Portfolio Update

Baring Emerging Europe PLC announces that at close of business 29 June 2012 its
ten largest investments were as follows:

% of Total Assets

Sberbank 10.46

Lukoil 9.98

Gazprom 9.52

Novatek GDR 5.94

KGHM Polska Miedz 4.72

Turkiye Halk Bankasi 4.59

Powszechna Zakl'd 4.58

VTB Bank GDR 4.13

Rosneft Oil GDR 3.40

Powszechna Kasa Oszczed 2.85

The geographic breakdown at close of business 29 June 2012 was as follows:

%

Russia 61.62

Turkey 13.99

Poland 14.19

Kazakhstan 0.61

Czech Rep 0.66

Ukraine 0.73

Hungary 5.31

Slovenia 0.13

Cash & Equivalents 2.76